Nutanix Inc. (NASDAQ: NTNX) reported second-quarter 2017 results after markets closed Thursday evening. The cloud infrastructure platform maker posted an adjusted per share loss of $0.28 and $182.2 million in revenues. In the same period a year ago, the company reported reported a pro-forma loss per share of $0.26 and revenues of $102.7 million. Second-quarter results compare to consensus estimates for a net loss of $0.35 and $178.38 million in revenues.

The software company came public last October in a strong initial public offering that saw the IPO price of $16 a share more than double to around $37 on the first day of trading.

Billings rose 59% year over year to $227.4 million in the quarter and operating cash flow totaled $19.8 million.

CEO Dheeraj Pandey said:

Our journey has taken us from an unknown upstart to a well-established enterprise IT brand approaching a $1 billion annualized billings run-rate in just five years of selling. We continue to evolve and refine our strategy, including product expansions, sales focus and alternate consumption models, as we seek to capture a growing share of the highly dynamic $100+ billion enterprise infrastructure market.

Our solid results were driven by notable strength in our international business. Further, I am pleased we were able to hold our non-GAAP gross margins essentially steady despite component price increases impacting our costs.

For the third quarter Nutanix forecast revenues of $180 to $190 million and an adjusted net loss per share of $0.45 to $0.48. Analysts had been looking for a net loss of $0.35 and revenues of $188.45 million.

It’s more than a little difficult to fathom why the stock has been hammered so hard after hours. The forecast is not too hot for earnings and the consensus revenue estimate is near the top of the company’s own estimated range. That hardly seems to deserve the pounding the shares are taking.

Maybe the beating is related to $3.24 million second-quarter stock based compensation that is excluded from the adjusted net loss total and an expectation that that amount is only going to go higher in the third quarter.

Maybe Nutanix was never worth its post-IPO high of $46.78, but to drop that by more than $20 a share to an after-hours trade price of $26.25 seems a little harsh. Shares closed at $31.12 and the post-IPO low is $23.11. The consensus 12-month price target was $33.35 before this afternoon’s report.

Or maybe we just missed something. Could happen.

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